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Morgan Stanley plans callable contingent income notes tied to indexes
By Susanna Moon
Chicago, July 2 – Morgan Stanley plans to price callable contingent income securities due July 31, 2025 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The contingent coupon will be 8% for the first four years, stepping up to 9% on July 31, 2019 and to 10% after that.
The payout at maturity will be par plus the final coupon unless either index finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are callable at par on any quarterly call date beginning on July 31, 2016.
Morgan Stanley & Co. LLC is the agent.
The notes will price on July 28 and settle on July 31.
The Cusip number is 61761JB99.
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